-What is the purchase price?
-How much is the down payment?
20% (proceeds of sale of current home)
-Where it the property located?
-When is the closing date?
-Will the property be owner-occupied or a rental?
Jan 29th, 2020 8:30 pm
Jan 29th, 2020 8:31 pm
Yes, it should be fine. Once you get the renewal notice, there should be an option for an open term as well. You can complete that just to be safe.
Jan 29th, 2020 8:32 pm
With 20% down, 2.74% 5-year fixed is the best rate available.
Jan 29th, 2020 11:27 pm
I would go with Motusbank at 2.79% for a 5-year fixed. I don't think there is any lender in the broker channel that can match that. You'd have to apply directly with Motusbank as brokers don't deal with them.kalicokid wrote: ↑ Looking for a 5-year fixed rate quote based on the following. Thank you in advance to all the helpful Brokers on this amazing thread!
For a purchase of a property:
- What is the purchase price? ($1,395,000)
- How much is the down payment? ($400,000)
- Where it the property located? (Toronto, Ontario)
- When is the closing date? (April 30, 2020)
- Will the property be owner-occupied or a rental? (Owner-occupied)
If I had to guess I'd say it's Merix. Fewer non-bank lenders operate in Quebec so rates aren't as good (generally).
You can get as low as 2.57% on a 5-year fixed. Fair penalty lender. Rates may decrease a bit over the next wee while as well. You're in a good spot right now.
Jan 30th, 2020 1:42 am
Jan 30th, 2020 4:28 am
Jan 30th, 2020 8:24 am
Jan 30th, 2020 9:15 am
5 yr fixed 2.59% 20/20 prepayment regular product
Jan 30th, 2020 9:16 am
5 yr fixed 2.59% 20/20 prepayments full featured no cost to switchPotrice wrote: ↑ Hello everyone, I have an appointment with RBC later today to renew my mortgage. I'm wondering what kind of rates they will offer me. I will be shopping around to see if I can get better rates (or if they're willing to negotiate) elsewhere. Looking for 5 years fixed. My income is around 100k. I think I'm within my 120 days to lock an offer.
-How much is the mortgage owing? 175 000$
-Roughly, what is the current market value of the property? Around 240 000$
-Which city is the property located in? Casselman, On
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No.
-Is the mortgage CMHC insured? No.
-When did you buy the property? Sept 2013
-When is your renewal date? 13 May 2020
Thank you in advance!
Jan 30th, 2020 9:17 am
2.74% 5 yr fixed available 20/20 prepayments
Jan 30th, 2020 10:23 am
Lowest 5 year fixed rate would be 2.59%. With a closing that tight, you would need to get an application in and FULL set of documents pretty much immediately. Even then, we'd have to confirm with the lender that they will be able to close that quickly. Do you already have an approval in place?
Jan 30th, 2020 10:46 am
Jan 30th, 2020 10:47 am
For a transfer, your remaining amortization has to stay as-is (or lower)...you cannot increase it.
Jan 30th, 2020 10:50 am
Jan 30th, 2020 11:09 am